§ 12-102
181 words·~1 min read·
/md/financial-institutions/12-102A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§12–102.
(a)This subtitle does not apply to check cashing services:
(1)In which a customer presents a payment instrument for the exact amount of a purchase; or
(2)Involving foreign currency exchange services or the cashing of a payment instrument drawn on a financial institution other than a federal, State, or other state financial institution.
(1)This subtitle does not apply to a transaction that is subject to the Maryland Consumer Loan Law (Title 12, Subtitle 3 of the Commercial Law Article and Title 11, Subtitle 2 of this article), including a transaction in which an additional fee is charged to defer the presentment or deposit of a payment instrument until a subsequent date.
(2)A check cashing service is not subject to the Maryland Consumer Loan Law if:
(i)The fee charged for the check cashing service does not exceed the fee permitted under this subtitle;
(ii)No additional fee is charged to defer the presentment or deposit of the payment instrument; and
(iii)The check cashing service is not subject to renewal or extension by any means.